Dr. Friday explains that personal exemptions remain eliminated, even though many longtime taxpayers remember them. She also notes how the doubled, permanent standard deduction and age-65 benefits can change planning.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The personal exemption remains eliminated under the current tax law. For many of you that have been filing taxes as long as I have, almost 30-plus years, you know that at one point we had a personal exemption. Now that is zero, and for the foreseeable future.
But the standard deduction is now permanent, which is actually better because they doubled the typical standard deduction. And there’s some more wonderful things coming in if you’re over the age of 65.
If you keep listening to these tax moments, you’re going to hear all kinds of ways you can save tax dollars. But if you need help today, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.